Exploring the Differences Between a Will and a Trust: Matt White is Here to Help!
Regardless of your age or health status, it is important to have a plan in place for your estate after your death. Wills and trusts are both key components of estate planning and serve different purposes, although both can ensure your wishes are honored. Attorney Matt White has over 20 years of experience with estate planning, including wills and trusts, and can provide peace of mind for you and your family.
What is a will?
A will, also known as a last will and testament, is a legal document that specifies an individual’s wishes for how their property and assets will be distributed after their death. Along with naming an executor to carry out your wishes in the will, if you have minor children, you will outline guardians and specify a trusted beneficiary to receive your property and assets. However, a will often goes through probate, which can be a lengthy and expensive process.
What is a trust?
A trust is a legal arrangement in which one person passes control of their assets to a person or organization (the trustee), often times to hold or distribute those assets to a beneficiary. A trust can take effect immediately and allows for a faster and more private distribution of assets.
So, What’s The Difference?
1. Privacy
Unlike wills, trusts are not required to be filed as public record. Trusts occur outside of the probate process, and there is no record of assets or beneficiaries. Wills, however, do often have to go through the probate process. If you need help navigating the probate process, contact Matt White .
2. Enactment
One main difference between wills and trusts is the time frame in which they distribute your assets. A last will and testament is written during a person’s lifetime and goes into effect when they pass away. Trusts are also created during a person’s lifetime, but can go into effect immediately upon creation or whenever specified.
How Matt White Helps with Wills and Trusts
Planning your estate shouldn’t be complicated. Choosing the right attorney can give you confidence in the distribution of your assets. Attorney Matt White can help you determine if a will, trust, or both is right for you. Matt helps you weigh the options and make an informed decision about your estate. Matt’s knowledge and expertise with wills and trusts can help you have peace of mind while preparing for your future.
